RADNOR, Pa., Dec. 14 /PRNewswire/ -- The following statement was issued today by the law firm of Schiffrin Barroway Topaz & Kessler, LLP:
Notice is hereby given that a class action lawsuit was filed in the United States District Court for the District of Minnesota on behalf of all purchasers of securities of Medtronic, Inc. ("Medtronic" or the "Company") from June 25, 2007 through October 15, 2007, inclusive (the "Class Period").
If you wish to discuss this action or have any questions concerning this notice or your rights or interests with respect to these matters, please contact Schiffrin Barroway Topaz & Kessler, LLP (Darren J. Check, Esq. or Richard A. Maniskas, Esq.) toll free at 1-888-299-7706 or 1-610-667-7706, or via e-mail at
The Complaint charges Medtronic and certain of its officers and directors with violations of the Securities Exchange Act of 1934. Medtronic is engaged in the medical technology business. More specifically, the Complaint alleges that the Company failed to disclose and misrepresented the following material adverse facts which were known to defendants or recklessly disregarded by them: (1) that the Company had received a substantial and increased number of reports of death and serious injuries caused by fractures in its Sprint Fidelis defibrillator leads; (2) that the Company had failed to suspend distribution of its Sprint Fidelis defibrillator leads in the face of such mounting safety concerns; (3) that the Company, as such safety concerns were revealed, would be forced to suspend distribution of its Sprint Fidelis defibrillator leads; (4) that the FDA would consider this "removal action" to be a "medical device recall"; (5) that this medical device recall would have a significant financial impact on the Company's financial statements in subsequent quarters; (6) that the Company lacked adequate internal and financial controls; and (7) that, as a result of the foregoing, the Company's statements about its financial well-being and future business prospects were lacking in any reasonable basis when made.
On October 15, 2007, the Company shocked investors when it disclosed that it had received a significant, and an increased, number of adverse reports about the Company's Sprint Fidelis defibrillator leads, which were attributable to manufacturing defects and resulted in significant safety concerns. The Company admitted that it had identified hundreds of malfunctions, serious injuries, and five patient deaths where a Sprint Fidelis lead fracture "may have been a possible or likely contributing factor." Additionally, the Company reported that it had suspended the distribution of its Sprint Fidelis leads, and instructed physicians to stop implanting the leads and return all unused products. Subsequently, the Food and Drug Administration ("FDA") issued a notice stating that it considered such a product "removal action" to be a "medical device recall," which the FDA terms as "an action taken when a medical device is defective, when it could be a risk to health, or when it is both defective and a risk to health." On this news, the Company's shares declined $6.33 per share, or 11.2 percent, to close on October 15, 2007 at $50.00 per share, on unusually heavy trading volume.
Plaintiff seeks to recover damages on behalf of class members and is represented by the law firm of Schiffrin Barroway Topaz & Kessler which prosecutes class actions in both state and federal courts throughout the country. Schiffrin Barroway Topaz & Kessler is a driving force behind corporate governance reform, and has recovered billions of dollars on behalf of institutional and individual investors from the United States and around the world.
For more information about Schiffrin Barroway Topaz & Kessler or to sign up to participate in this action online, please visit http://www.sbtklaw.com/
If you are a member of the class described above, you may, not later than January 7, 2008, move the Court to serve as lead plaintiff of the class, if you so choose. A lead plaintiff is a representative party that acts on behalf of other class members in directing the litigation. In order to be appointed lead plaintiff, the Court must determine that the class member's claim is typical of the claims of other class members, and that the class member will adequately represent the class. Your ability to share in any recovery is not, however, affected by the decision whether or not to serve as a lead plaintiff. Any member of the purported class may move the court to serve as lead plaintiff through counsel of their choice, or may choose to do nothing and remain an absent class member.
CONTACT: Schiffrin Barroway Topaz & Kessler, LLP
Darren J. Check, Esq.
Richard A. Maniskas, Esq.
280 King of Prussia Road
Radnor, PA 19087
1-888-299-7706 (toll free) or 1-610-667-7706
Or by e-mail at
